To strike a nice tandem with target audiences in the arena of international and national sales, it is important to provide an aura of localized experience to all users. Customers are likely to complete the purchase of goods and services if they are presented with a host of gleeful options such as preferred currency, preferred language, preferred mode of payment and preferred payment gateway. This clearly calls for an inbuilt ‘Geo-based Multi-currency Converter’ in e-commerce marketplace scripts. Playing the role of a cynosure of all eyes to perfection, our e-commerce platform is integrated with XE.com multi-currency converter.
Understanding Multi-Currency Support:
In simple terms, multi-currency support signifies that shoppers can buy goods and pay for them in currency of their choice. It is completely left to the discretion of the customers to pay either in USD, Euros etc. The trend of customers being forced to pay only in USD or Euros is manifest in various e-commerce platforms. However, shoppers can do away with this lamentable experience if e-commerce marketplace scripts are provisioned with Geo-Based Multi-Currency Converter. Our e-commerce marketplace script enables shoppers with a host of the following currencies:
Great British Pound
Hong Kong Dollar
New Zealand Dollar
Statistics that bespeak the cross border purchase:
According to the figures provided by market research and technology firm, Forrester research, an overwhelming 25% of European and an astonishing 30% of US online shoppers are engaged in cross border purchase. When it comes to the purchase of software products, this figure is bound to scale to new heights. E-commerce marketplace scripts that are endowed with this ‘Geo-Based Multi-Currency Converter’ feature are expected to an instant hit.
Note: Our online marketplace script comes with Multi currency converter module which uses XE.com API to convert product prices in real time.
This is how it works: The marketplace is based out of United States. It has global vendors selling products. By default all the product prices are in USD. If you’re visiting from Russia, the platform automatically recognizes your Geo-location and displays the product price in Russian Ruble. It uses current conversion rate through API and displays the price.
If you’re looking to automate the process – you can use XE.com API. If you want to manually set the exchange rates – we can setup a currency converter dashboard like below –
Benefits with our Geo-Based Multi-Currency Converter:
No overhead: More often than not, customers are charged extra for currency conversion on their credit card statements. Customers will be naturally disappointed to pay extra bucks. This may even lead to greater dissatisfaction and customers may leave your website with predictable scorn. In all likelihood, this issue can be precluded by using our Geo-Based Multi-Currency Converter tool.
Consistency in price display: Geo-Based Multi-Currency Converter is furnished with a consistent pricing display. For example, if a customer is all set to purchase a product of worth 10.02 US $, the tool displays the price as 10.00 US $. So, the prices are rounded off to the nearest and the simplest numbers. Chances of accounting errors are thus minimized.
Payment vis-à-vis bank transfer: Local banks do not encourage monetary transactions in non-local currencies or non-native currencies. This problem can be addressed by this tool. What ensues is a safe and secure payment vis-a -vis bank transfer. Geo-Based Multi-Currency Converter uses the highest level of browser encryptions thereby preventing any cyber thefts. After the completion of transaction, the user gets an email asserting the same. In addition, he/she gets an instant SMS confirming the status of the transaction.
No bogging down: Reduced customer engagement may throw your business into a dither. Due to the absence of this tool, customers may prefer chargeback and refund options. In addition, they may indulge in shopping cart abandonment. Geo-Based Multi-Currency Converter tool serves as an elixir to all such maladies.
Easy set-up: Our dashboard displays a comprehensive view of various categories and products placed under the available categories. To add the names of new currencies to the already available list of currencies, what all it takes is a couple of clicks. Users can keep track of the latest exchange rates. Market fluctuations are taken into account and conversion is done with utmost diligence and precision.
Save time and energy: Now that technology has evolved a lot, one can safely do away with the practice of manually updating the currency conversion rates. The time and energy saved can be channelized to other activities.
Profitable margin: Currency exchange rates are often calculated with +5% and +10% conversions that account for a profitable margin share. This can come handy during product discounts where sellers gets lucrative amounts.
Persistence of Shoppers’ preferred country: Based on the IP address of the shopper, the price of products is displayed. The next time the shopper visits your e-commerce website, his/her location will be adjudged and the product prices are displayed accordingly. Also, depending on the selected country, available payment gateways can be filtered.
Integration with reputed currency exchange rate providers: Riding high on our camaraderie with top notch currency exchange rate providers such as Yahoo Finance, Open Exchange Rates, WebServiceX, etc. our e-commerce marketplace script orchestrates momentous shopping experiences to buyers and sellers.
Note: If you’re using any eCommerce platform ( Woocommerce, prestashop, BigCommerce, Magento, Shopify etc.) – We can customize this plugin for your platform.